Reliance Industries Limted

Amid rising concerns about globalisation benefitting the world's richest more, India's wealthiest man Mukesh Ambani today favoured free market economy and said wealth creation should not be constrained as it is a precursor to the distribution of wealth.

"We wish to inform you that the Board of Directors of the company at their meeting held on July 14 approved further issue of 1,500 crore equity shares of Rs 10 each aggregating to Rs 15,000 crore to the existing equity shareholders of the company on rights basis," the company said in a regulatory filing.

Set to launch its pan-India 4G datacom services under "Jio" brand soon, Mukesh Ambani-led Reliance Industries has assigned its retail arm the mandate to develop the market for compatible devices and drive its growth.

A consortium of global telecom majors, including Reliance Jio Infocomm and Vodafone, on Tuesday signed an agreement for constructing the Bay of Bengal Gateway submarine cable system that will link Malaysia and Singapore to the Middle East with connections in India and Sri Lanka.

India's official auditor will perform a second audit of Reliance Industries' (RIL) spending on KG-D6 gas fields after the petroleum ministry gave the company a written assurance that the exercise would not be a performance audit.